Oral Contracts

An oral contract is an agreement made verbally between two or more parties, rather than in writing. It involves a mutual understanding of terms, such as payment or services, and is legally binding in many situations. However, proving the existence and specifics of an oral contract can be challenging, since there is no physical record. While some agreements, like those involving real estate, must be in writing to be enforceable, others can be valid if there's clear evidence of the parties’ intent and performance. It's always wise to keep a record for clarity and future reference.